You and your customers will benefit from the power of self-service AR. Self-service is a natural extension of automating office processes. It helps automate both sides of a transaction with your company. It closes the loop between you and your customer, increasing efficiency and the accuracy and timeliness of transactions and data.
Customers are your key business partners. Providing them with the tools to have a stake in your business processes helps to solidify customer relationships, and benefits both you and your customers. It makes your company easy to do business with, a feature that customers appreciate.
Benefits for You
- Efficiency – When your customers use self-service AR for document access, payments, dispute notices and messages your team doesn’t have to perform the manual or duplicate tasks already handled by the customer and your automated processes.
- Time saved – Efficiency translates into a number of benefits including time saved. Time which your AR team can spend on high priority collections.
- Lower cost – Not having to perform unnecessary manual tasks can help to reduce overtime pay and the need to increase staff as volume increases.
- More accurate information – Direct entry eliminates handling information twice and increases the accuracy of the data. Customers know their information best, and have a stake in entering it correctly in a self-service portal.
- Accelerated cash flow – Extending office automation to your customers with a self-service portal facilitates electronic payments, and the timely and accurate entry of master data. All of which helps to accelerate collections and cash flow.
Benefits for Your Customers
- Working remotely – Just like your company, customers want to be able to work remotely. A self-service portal makes working remotely easier for customers.
- Convenience – Customers want to work when it is convenient for them. They don’t want to be tied to your office hours. A self-service portal provides the convenience they want.
- Efficiency – Using a self-service portal eliminates unnecessary emails and phone calls to your AR team. Customers don’t want to be tied up trying to reach your team when they can self-manage their account.
Self-service is a natural extension of AR automation. It gives your customers ownership in the business process, and saves time and reduces costs for you and your customers. Automating credit and collections activities helps to increase profits, cash flow and shareholder value.
Lockstep Collect, a leader in cloud-based credit and collection platforms, can help you collect cash in 4 ways:
- Cloud-based solutions
- Automated customer communications
- Customer self-service
- Collections Activity Management
Lockstep Collect is an experienced software partner that can help you maximize your collections and cash flow in the new normal.
If you would like to learn more about how you can benefit from automated credit and collection solutions, please contact Lockstep Collect at www.lockstep.io.